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Review on OKEx by Sarah Bellingham
Okex s a relatively new cryptocurrency exchange platform, having been split…
Okex s a relatively new cryptocurrency exchange platform, having been split off from the well established OKCoin exchange in May 2017.
Okex digital exchange will allow you to trade cryptocurrencies, as well as cryptocurrency futures. It is this second feature that prompted the creation of OKEx in 2017. It is a subsidiary of the famous OKCoin exchange based on mainland China, and was split off in May 2017 to handle the futures trading part of the OKCoin business, so that OKCoin could focus on fiat/crypto exchange.
Pros
- The primary reason for the creation of OKEx was for trading futures tied to cryptocurrencies. The platform has since expanded, but its core remains as a futures trading platform. Futures come with lower fees, and the ability to trade with margin, leveraging your purchasing power up to 20x. The main cryptocurrencies offered are Bitcoin, Ethereum and EOS, and contract lengths are available of one week, bi-weekly and monthly, giving traders added flexibility.
Cons
- Okex was the victim of a hack back in October 2017. The company never revealed the amount of the theft, however the company statement revealed that most of the accounts, which was a small number, were hacked due to improper user security, including the use of simple passwords and a lack of 2-factor authentication protection on accounts.
